Coin Healthcheck: Loopring (LRC) By DailyCoin
Coin Healthcheck: Loopring (LRC)
About
Loopring (LRC) is the token of Loopring, an open Layer-2 protocol that was created as a response to the limitations of traditional cryptocurrency exchanges and aims to solve the issues of transaction speed, security, and transparency.
Loopring protocol enables developers to build faster and more scalable decentralized applications (dApps) with exchange functionality on Ethereum blockchain without compromising security features.
It also runs its own non-custodial Loopring.io decentralized exchange (DEX) and payment platform. The protocol’s LRC token is a utility token of the ERC-20 standard and was launched back at the end of 2017.
State of Project
Loopring relies on Ethereum and zkRollup (Zero-knowledge Rollup) cryptography, which is a highly secure scaling mechanism with all Ethereum security features.
Performs up to 2,025 transactions per second, lowering transaction fees to 1/100th of ETH mainnet network fees.
Aggregates and executes transactions off-chain. Allows non-custodial DEXs to match the performance of custodial centralized exchanges.
Can be integrated with any smart contract platform.
Loopring (LRC) utility tokens are used for trading, swapping, liquidity providing, and payments. They’re also used as a governance token.
The Loopring DEX has over 27K users and over $0.5B of total value locked (TVL) on it at press time.
Competition:
DEX launched its layer-2 scaling solution in 2021. The leading DEX on Ethereum has the strongest community and liquidity (over $8.3B TVL).
Polygon enables highly scalable solutions for Ethereum-based DeFi apps.
Website & Whitepaper:
Separate websites for Loopring protocol and DEX. Both have links to technical documentation, privacy policy, fees, a blog with monthly updates, community links, and Help center support.
Whitepaper: highly technical, goes deep into details.
Development stage:
Loopring DEX uses Loopring protocol 3.6 version, which is in beta.
Loopring Wallet is publicly available in an Android-only beta version.
Loopring Automated Market Maker (AMM) launched a mainnet beta.
Enabled LRC staking in 2020.
Supports NFT minting, trading, and transfers directly on L2 for both ERC721 and ERC1155 token standards.
Roadmap:
Each year, the project releases the development roadmap for the coming year.
Posts quarterly updates.
Works with an undisclosed partner on NFT marketplace, which is “set to launch sometime prior to the end of 2021(Q4).”
Fundraising:
Raised $45 million during the initial coin offering ($0.06) in August 2017. 750 million LRC tokens were sold (54% of the max supply) during ICO.
A month later, Loopring refunded money to ICO investors due to China’s strict regulations.
No KYC was required for presale.
Team
Daniel Wang, founder and CEO of Loopring Foundation, has been in crypto since 2014. Worked as Tech Lead & Senior Software Engineer at Google (NASDAQ:), Senior Engineering Director at ZhongAn Insurance.
Adam…